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    Thread: SBI Car Loan Process

    1. #1

      MechGear
       
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      SBI Car Loan Process

      I heard that for getting Sbi car loan we need to open a savings account with the bank and take an insurance with them once the loan is approved

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      mclaren1885's Avatar
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      Not required. Last year when we wanted to purchase the Cruze, they didn't ask any of these. All they wanted was the documentation (last 3 months salary slip), employment details, post dated cheques and that's about it. We weren't asked to open an account or take an insurance from them. That is left to the end user. We were planning to operate the ECS from Axis Bank on a loan taken from SBI.

      SBI however is quite keen into checking a customers CIBIL records off late. That is usually when they make these requests just to be on the safer side.

      Ideally, if you have a bank account with SBI, it helps. But it definitely should not be a deal breaker.

      My experience is from 13 months ago, not sure if their banking and loan policy has changed now. However, I would highly doubt it being what you stated.
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    3. #3

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      Quote Originally Posted by mech View Post
      open a savings account
      Yes. SBI requires/expect you to open a savings account with them.

      Quote Originally Posted by mech View Post
      take an insurance with them once
      not needed.
      Last edited by speed79; 10th Nov 2012 at 22:50.

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      Quote Originally Posted by speed79 View Post
      Yes. SBI requires/expect you to open a savings account with them.
      Not required. I got my car loan from SBI 2 months back & they didn't put any of these clauses. I didn't have an account with SBI. I wanted to do a automatic ECS without issuing a cheque. They told that's possible if I have an a/c with them. Only then I opened an account with them. They didn't force me to do that. Indeed it was my requirement & hence opened it.

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      Quote Originally Posted by mech View Post
      need to open a savings account with the bank
      It's only a recommended step. Makes things easier for repayment. There's no rule that you have to open a savings account.

      Quote Originally Posted by mech View Post
      take an insurance with them once the loan is approved
      You don't have to! It could be that the agent/whoever is trying to make a quick buck.

      I have availed a car loan from SBI. So I know what is needed and what is not.
      What doesn't kill you, makes you stronger

    6. #6

      MechGear
       
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      Hey,
      Thanks everybody
      This was told by the finance guy from the showroom.
      Will inform this to that guy while submitting the papers and update the thread

    7. #7

      MechGear
       
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      Got a loan from SBT, HSR layout with 10.25% floating with no account opening and insurance from them.
      This process took 3 - 4 days after submitting the documents to the dealer.

      I guess as of now this is the lowest rate going on..

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      Best Car Loans online

      Compare across several banks before finalizing any car loan deal. there are many online websites providing this facility. We also deal for loans at very much cheap interest rates. Do not hesitate while asking any question about car loans and used car loans.
      Last edited by gaurav01; 17th Jan 2013 at 14:57.

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      Quote Originally Posted by mech View Post
      we need to open a savings account with the bank and take an insurance with them
      They are simply pushing these.

      Biggest benefit about loan from SBI (may be other Public sector banks as well), there are no hassles of pre-closure and part payment. Whenever you have surplus cash, you can transfer money to the loan account.

      No foreclosure/part payment charges.

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      Quote Originally Posted by mclaren1885 View Post
      Not required. Last year when we wanted to purchase the Cruze, they didn't ask any of these. All they wanted was the documentation (last 3 months salary slip), employment details, post dated cheques and that's about it. We weren't asked to open an account or take an insurance from them. That is left to the end user. We were planning to operate the ECS from Axis Bank on a loan taken from SBI.

      SBI however is quite keen into checking a customers CIBIL records off late. That is usually when they make these requests just to be on the safer side.

      Ideally, if you have a bank account with SBI, it helps. But it definitely should not be a deal breaker.

      My experience is from 13 months ago, not sure if their banking and loan policy has changed now. However, I would highly doubt it being what you stated.
      For any financial help about car loans feel free to call 9878981166 or Apply online. It is 100% free.

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